Malacañang assured Thursday, May 5, that the country’s borrowings which supported the measures to respond to the COVID-19 pandemic and other programs will be utilized properly.
Acting Presidential Spokesperson Martin Andanar noted in a statement the need to sustain the socioeconomic improvement of the country.
“We assure our people that the country’s borrowings, which put the county’s outstanding debt to more than P12-T, as end of March 2022, shall be put into good use and utilized effectively and efficiently,” he said
“Recent borrowings would be for our COVID-19 response and recovery and resiliency efforts. We need to sustain our country’s long-term socioeconomic growth and development,” he added.
The Bureau of Treasury said the outstanding debt of the national government has ballooned to P12.68 million as of the end of March this year.
“For the month, P586.29 billion, or 4.8% of the total debt portfolio was added primarily due to the net issuance of government securities to both local and external lenders,” it stated. “Of the total debt stock, 30.1% was sourced externally while 69.9% were domestic borrowings.” ML- ag
